What smart money is saying about Copa Holding SA
1 fund in our archive has pitched Copa Holding SA — most recently Ariel Emerging Markets Value ex-China in December 2025.
Copa Holdings, S.A., through its subsidiaries, provides airline passenger and cargo services. The company offers approximately 204 daily scheduled flights to 69 destinations in 29 countries in North, Central, and South America, as well as the Caribbean from its Panama City hub. As of December 31, 2021, it operated a fleet of 91 aircraft comprising 77 Boeing 737-Next Generation aircraft and 14 Boeing 737 MAX 9 aircraft. Copa Holdings, S.A. was founded in 1947 and is based in Panama City, Panama.
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Position history
Between Q4 2025 and Q3 2026, 7 fund letters reported a position in Copa Holding SA — 3 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 0 | 0 |
| Q2 2026 | 2 | 0 | 0 | 0 |
| Q1 2026 | 4 | 0 | 3 | 0 |
| Q4 2025 | 0 | 0 | 0 | 1 |
Fund activity · 7 positions · 3 moves
- September 2026
“Other poor performers included Panamanian airline Copa Holdings, Mexico’s retailer Wal- Mart de Mexico (Walmex), and India’s HDFC Bank.”
Copa Holding SA - June 2026
“Other notable contributors included Panamanian airline Copa Holdings, Chinese video game developer NetEase, and select bank holdings such as Panama’s Bladex, Austria’s Erste Group, and Georgia’s TBC Bank.”
Copa Holding SA - May 2026
Listed in International Small Companies Equity’s reported holdings.
Copa Holding SA - HoldsHarding LoevnerMarch 2026
Listed in Harding Loevner’s reported holdings.
Copa Holding SA - March 2026
“By comparison, we exited the following names on valuation: Brazil’s integrated aluminum producer, Companhia Brasileira de Alumínio Copa Holdings S.A., one of the leading airlines in the Americas FPT Corporation, a Vietnam based conglomerate focused on technology, telecommunications, and private education OTP Bank Nyrt, a leading retail and corporate bank in Central and Eastern Europe”
Copa Holding SA - March 2026
“We also added Columbia EM Core ex-China ETF as a cash alternative. By comparison, we exited the following names on valuation:”
Copa Holding SA - ExitedNight Watch IMMarch 2026
“Not every position we owned at the start of the Iran war was immune to the level of geopolitical risk. For instance, we had to sell out of our position in Copa (CPA), which operates Panama airlines.”
Copa Holding SA
Also mentioned · 1
These funds discuss Copa Holding SA — as a competitor, benchmark or comparable — without disclosing a position in it.
- July 2026
Named in a table in Harding Loevner Frontier Emerging Markets Equity’s letter.
Copa Holding SA
Fund coverage · 1 thesis
- Ariel Emerging Markets Value ex-ChinaDecember 2025
Copa Holding is a leading Latin American airline with a cost-efficient hub-and-spoke model, industry-leading profitability, attractive valuation, and capacity growth via new aircraft.
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